EUR/HUF to move back towards the 353.49/351.04 zone – Commerzbank
|EUR/HUF probably topped out at its 361.26 September high and is to slide back towards the 353.49/351.04 region, in the view of Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.
More downside is probably on the cards
“EUR/HUF probably topped out at 361.26 last week, not far below the 362.48 July high, by forming a key day reversal and slipping back to the 200-day moving average at 356.67.”
“The next lower 55-day moving average at 353.49 is expected to also be reached in the days to come as well as the late August and early September highs at 351.46/04. Further down lies the September low at 346.59 and the June low at 345.06, a fall through which would eye the 343.63/04 area, made up of the June and July 2020 lows.”
“Resistance above the July and September highs at 361.26/362.48 is found at the April peak at 364.57. These levels we do not expect to be reached anytime soon and instead more downside is probably on the cards.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.